How to get education loan?
Table of Contents
Who can get education loan?
– Students going for higher education in India or abroad can get education loan comfortably.
Eligibility for education loan
– To take an education loan from any Indian bank, firstly you must be an Indian citizen.
– You must be between 16 and 35 years old.
– Have been admitted to any professional, vocational or academic course by passing the merit or entrance test.
Loan amount
– Loan for higher education in India is available from 10 to 15 lakhs, while the maximum loan amount for studying abroad is 20 lakhs.
– If your loan amount is more than Rs 4 lakh, then you will have to submit income proof to return the loan amount.
– If the loan amount is more than 7.5 lakhs, then along with income proof, collateral security is also required.
Which courses provide education loan?
Before giving an education loan, a bank looks at which course the loan is being sought for, because education loans are not available for all courses in India.
Let us know which courses are there?
Chartered Accountant (CA),
Company Secretary (CS),
Cost and Works Accountancy (CWA),
Chartered Financial Analyst (CFA),
Medicine, Engineering etc. Professional and Vocational Courses associated with the field of Commerce.
– Graduation and Post Graduation Courses recognized by the Government and University Grant Commission (UGC).
– For courses to be held in India by recognized foreign universities.
– For courses run by IITs and IIMs.
– To take MBA, FCA or Medicine course in a recognized foreign university.
What are the important documents?
It is necessary to submit these documents with the loan application.
– Complete information about the admission letter and college of the course and college in which you are going to take admission.
– Detailed information of course fees.
– A copy of the marksheet and some important documents related to it.
– Age and identity card. If you do not have an account with that bank, then you must also provide proof of residence.
– Proof of income of guardian or parents. (If the applicant is earning himself, then the last two months salary slip, if the applicant is self-employed, the last six months bank statement and if the applicant is professional and self-employed, like CA or CS, along with these papers. You also have to show the income tax return of the last two years).
– Two latest passport size photographs.
– If the applicant has received a scholarship at the same time, then a copy of the letter of scholarship.
– If you are going to study abroad, then 1-1 copy of passport and visa.
Keep in mind while taking a loan
– If there is any mistake in the application form of the student, he cannot get a loan.
– If the student or his parents have not paid the old loan, then he too cannot get education loan.
– Nowadays banks are giving loans to them by taking 1% collateral guarantee. That is, if someone wants to take an education loan of 25 lakh rupees, then the bank keeps it at the same price as a property or FD security and gives it a loan.
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